KARACHI: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Wednesday decreased the spot rate by Rs 300 per maund and closed it at Rs 17200 per maund. Cotton Analyst Naseem Usman told that the market remained bearish and the trading volume remained low.
He said rate of cotton in Sindh remained between Rs 14400 to Rs 17200 per maund and the rate of cotton in Punjab was registered at Rs 15000 to Rs 17200 per maund. The rate of the new crop of Phutti in Sindh remained between Rs 4800 to Rs 7,100 per 40 kg. While Phutti prices in Punjab were between Rs 5500 to Rs 8000 per 40 kg.
Similarly, prices of cotton in Balochistan were remained at Rs 16000 to 17,000 per maund while Phutti prices were remained in between Rs 6,200 to 8500 per maund, said Naseem Usman.
The rate of Banola in Sindh was in between Rs 1350 to Rs 2200 per maund. While in Punjab rates of Banola were in between Rs 1600 to Rs 2,300 per maund.
As many as 400 bales of Deherki were sold at Rs 17500 per maund, 400 bales of Lodhran were sold at Rs 17300 per maund, 400 bales of Ali Pur were sold at Rs 16000 per maund, 2000 bales of Rohri were sold at Rs 15750 per maund, 800 bales of Yazman Mandi were sold at Rs 15400 per maund, 800 bales of Faqeer Wali were sold at Rs 15300 per maund, 400 bales of Fort Abbas were sold at Rs 15200 per maund, 600 bales of Haroonabad were sold at Rs 15000 per maund.
Naseem also told that in response to the rapidly changing price dynamics of the past few days, the China National Cotton Reserve Company has announced that the State Reserve sales program will be suspended with effect from today. Auctions may be reinstated at a later stage, in accordance with future changes in the market situation and the government’s policy objectives.
The Spot Rate Committee of the Karachi Cotton Association on Wednesday decreased the spot rate by Rs 300 per maund and closed it at Rs 17200 per maund. The Price of Polyester Fiber was reduced by Rs 5 per Kg and was available at Rs 245 per kg.
Copyright Business Recorder, 2021